BrightPlan Launches Total Rewards Statement for Employees
Real-time holistic view of total compensation motivates employee engagement
while supporting open enrollment & other strategic HR initiatives
San Jose, CA, July 13, 2023 – BrightPlan, a leader in Total Financial Wellness, today unveiled its Employee Total Rewards Statement, transforming the way workers understand and utilize their compensation and benefits. This innovative feature provides employees with a comprehensive view of their total compensation and rewards in the context of their personalized financial plan within BrightPlan. Connecting an employer’s total rewards offering to an employee’s financial life helps them make smarter money and benefits decisions. For HR teams, it enables them to attract top talent, and motivate and retain current employees, while fostering a culture of care.
Amidst mounting financial stress and economic uncertainty, employees are looking to their employers for support. Yet 64% feel that their employer places more importance on profits than their welfare. To keep employees engaged and committed in this environment, it’s critical for organizations to ensure their employees fully understand and can take advantage of their complete total rewards offering, including benefits.
“In the face of current economic and business challenges it is critical for companies to help employees understand all of the compensation and benefits programs available to them and the value associated with each one,” said Jennifer Pasqualini, Head of Total Rewards at Stripe. “The traditional paycheck highlights what employers spend on compensation and benefits but is backward looking and does not offer the insight needed to make informed future financial decisions on milestones like future vesting events. The Total Rewards Statement brings it all together in one system and view. Access to information helps support better decision making, reduces stress and helps employees feel empowered and cared for by their employer.”
Traditionally, employers have struggled to demonstrate the complete dollar value of total compensation and rewards packages. Existing methods, such as one-off statements, are provided infrequently and require HR to piece together pay and benefits information from multiple systems. Getting employees to understand and effectively utilize all the benefits available to them is even more difficult - and relying solely on the annual open enrollment season to generate awareness of company-provided benefits can fall short. With an immense amount of information and limited time to communicate, absorb and action it, employees often end up confused and overwhelmed. This gap in knowledge leads to underutilization of total rewards, hurts benefits investment returns for employers, and leaves employees feeling undervalued and unappreciated.
Total Rewards Statement
BrightPlan’s Total Rewards Statement addresses these challenges head-on by offering employees a single view of benefits, base salary, variable compensation, and equity compensation within the BrightPlan app. This establishes a direct connection between the employer's investment in cash compensation, equity offerings and benefits and the employee's financial plan and goals.
“BrightPlan’s Total Rewards Statement is a game-changer in today’s economic landscape,” said Larry Robinson, Chief Product Officer at BrightPlan. “By providing a comprehensive view of total rewards in combination with education, goals based planning and personalized guidance from Certified Financial PlannersTM, employees get robust support to navigate benefits decisions with confidence. At the same time, employers have the opportunity to highlight the significant investment their company makes in employees’ professional and financial growth, and overall well-being.”
HR Use Cases
BrightPlan's Total Rewards Statement offers a range of valuable applications for business and HR leaders.
- Attract, retain, and motivate talent: Help employees understand the company’s investment in their well-being and foster a culture of care.
- Open enrollment and new hire onboarding: Provide employees with decision support during new hire onboarding and open enrollment to ensure that they understand what benefits and rewards are available to them and make the best selections for themselves and their families.
- Major life events: Support employees in making informed benefits selections based on their unique financial circumstances and goals during important life events, such as marriage, having a baby, or divorce.
- Compensation changes: Enable employees to visualize compensation changes that come with promotions, raises, and equity grants and the impact they have on their financial goals.
- Benefits intent data: Gain valuable aggregated and anonymized insights into the benefits employees are interacting with in BrightPlan. This provides a benefits decision support tool for HR as they curate, consolidate, or improve their benefits offering.
- Expert employee support: Employers can provide next level support, expert advice, and guidance to employees through BrightPlan’s Certified Financial PlannersTM, alleviating the burden on HR teams and ensuring employees receive the assistance they need related to complex equity and benefits questions.
To learn more about BrightPlan’s innovative approach to Total Rewards, read this blog post.
Earlier this week, BrightPlan also announced a partnership with Sourcewell, a national cooperative purchasing organization, to bring financial wellness to the public sector. For more information, read the full announcement.
BrightPlan is a leader in Total Financial Wellness. The company provides a comprehensive global solution that addresses all aspects of employees’ financial health at every stage of life, and empowers HR teams to enhance the employee experience and better attract, retain, and engage talent. Its unique combination of digital platform and financial planners enables employers to deploy at scale while delivering personalization for employees. The company is the first digital Investment Advisor certified for fiduciary excellence by the Centre for Fiduciary Excellence (CEFEX). For more, visit brightplan.com.
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